46. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED) The proposed placement, proposed SOA, proposed internal reorganisation, proposed distribution and capital repayment and proposed transfer of listing are not conditional upon each other, save for the following: (i) The proposed distribution and capital repayment is conditional upon the proposed internal reorganisation and proposed transfer of listing; and (ii) The proposed transfer of listing is conditional upon the proposed internal reorganisation and proposed distribution and capital repayment. BHB has on 10 December 2020 announced that it has received the approval from the Minister of Finance (on the recommendation of BNM), and BNM in relation to the Proposals. On 23 February 2021, BHB has announced that it has received approval from Bursa Securities for the listing and quotation of BHB shares to be issued pursuant to the proposed placements and admission of the Bank to the official list of Bursa Securities and the listing of and quotation for the entire issued share capital of the Bank on the Main Market of Bursa Securities pursuant to the proposed transfer of listing. BHB on 13 April 2021 has announce that it has completed the book building exercise pursuant to the proposed placement and has raised gross proceeds of RM795.6 million. The proceeds raised together with internal cash of BHB has been used to fully redeem outstanding sukuk by BHB on 3 June 2021 with total redemption amount of RM988.4 million. On 27 August 2021, BHB has announced the completion of scheme of arrangement following the payment to the warrantsholders amounting RM162.15 million. On 3 September 2021, the Bank has completed a consolidation of its ordinary shares into 2,075,872,514 Bank Islam shares to match BHB’s outstanding shares in issue so that the distribution of the Bank shares will be on a one-forone basis. No. of Bank Islam’s shares (’000) RM’000 As at the Last Practicable Date (“LPD”) 2,600,367 3,306,118 Consolidated (567,460) – Allotment of ordinary shares 42,966 139,639 After consolidation 2,075,873 3,445,757 INTEGRATED ANNUAL REPORT 202 1 Key Messages Overview Value Creation MD&A Sustainability Leadership Accountability Financial Additional Information 371
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